1.7 bussiness

Question 1

profit maximisation

Answer 1

Profit maximisation is a common aim of most businesses. It is where a firm tries to make the largest profit it can, by boosting sales, being efficient and keeping production costs low. Some firms seek to maximise short-term profits while others pursue this in the long-term.

Question 2

producer or bussiness sector

Answer 2

Producer or business sector comprises all producers or suppliers of goods and services in an economy.